The Winding-up Petition
The UK subsidiary is called Must Have Limited (trading under the name VIP) and has reportedly been placed into administration due to an unpaid tax bill from HMRC. The debt owed is approximately £2.5 million and despite the company having made multiple attempts to satisfy the tax debt, they are unable to continue to fund the operations or any obligations of Must Have Limited.
Dan O’Neill, ECIG’s CEO has stated that:
“Based on the administration process in the United Kingdom we will be evaluating the strategic alternatives available for the future of the company”
The US parent company acquired the subsidiary for £30 million in 2014. The retailer will continue to trade as usual as FPR Advisory now act as the administrator; although they are seeking potential buyers.
Winding-up Petition Solicitors
If you have received a winding up petition our legal experts are able to provide legal advice and representation. Our team of solicitors and barristers can obtain a court adjournment; CVA’s or successfully challenge the validity of the winding up petition to ensure that the petition is dismissed, often without public advertisement.
We have represented football and other sporting clubs in disputes with HMRC and as specialists in dealing with HMRC Debt Recovery procedures including petitions can obtain an optimal outcome.